"Two key indices of home prices likely fell in August, suggesting large
numbers of foreclosures and continued high joblessness are acting as a drag on
the market, according to a new forecast.
The Case-Shiller 20-city composite home price index, scheduled to be released on Tuesday, likely fell 3.8% in August from a year earlier and 0.3% from July on a seasonally adjusted basis, said a forecast from Zillow Inc. (Z: 27.03 +1.62%) chief economist Stan Humphries. The downward trend will continue through the end of the year, he predicts.
"We expect to see continued home value depreciation as unemployment and negative equity remain high," said Humphries. "The large foreclosure pipeline will produce relatively low priced REOs in the market, putting downward pressure on prices going forward, and we do expect the pace at which homes exit this pipeline to pick up in the near-term."..."
at http://www.housingwire.com/2011/10/21/zillow-case-shiller-likely-fell-3-8-in-august?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29
The Case-Shiller 20-city composite home price index, scheduled to be released on Tuesday, likely fell 3.8% in August from a year earlier and 0.3% from July on a seasonally adjusted basis, said a forecast from Zillow Inc. (Z: 27.03 +1.62%) chief economist Stan Humphries. The downward trend will continue through the end of the year, he predicts.
"We expect to see continued home value depreciation as unemployment and negative equity remain high," said Humphries. "The large foreclosure pipeline will produce relatively low priced REOs in the market, putting downward pressure on prices going forward, and we do expect the pace at which homes exit this pipeline to pick up in the near-term."..."
at http://www.housingwire.com/2011/10/21/zillow-case-shiller-likely-fell-3-8-in-august?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29
